Ethical Egoism and Legal Ethics

1. What are some of the advantages and disadvantages of ethical egoism as an ethical philosophy for business managers?

Ethical egoism is the ethical theory that holds a person ought to act to promote the greatest balance of good for himself or herself. Advantages of ethical egoism for business managers is that workers should follow the egotistic moral obligation of business to maximize profits. Some mayfind that the "good" they are seeking is money and to increase their productivity would mean more money. Costco actually pays above competitors because they enjoy lower turnover rates and find that employees working towards their interests work faster. They do this not just because they are looking out for their employees but rather that it pays off in the long run.

Some disadvantages of ethical egoism include the lack of guidance or rules to follow. Self-interest people will not respect any limits. In addition, the majority of people are more concerned with their own self-interest than those of other. Their goals and wants may conflict with those of others. In the business realm, the successful pursuit of profit, which clearly essential to a business entity, alone may not be sufficient to provide total satisfaction a business manager may desire as a human being. Ethical egoism suggests that the interest of others should never be a factor in moral decision-making which could backfire on the business manager.

2. What exactly is "Machiavellian ethics," and how could it be applied to business management and entrepreneurship?

Machiavelli suggested that people should strive for power and attain it through any means necessary, moral or immoral. He suggests that people in general are stupid, gullible, selfish, and egotistic. A leader is required to guide and regulate the masses to protect them from destroying themselves. A successful leader is sharp, cold-blooded, and astute. The means to attain power may require the leader to manipulate, abuse, break promises, or...